A few stocks, including some of the ones below, are being classified as COVID-19 stocks because of their potential to rise even as the pandemic worsens.Apart from the obvious health effects, the current coronavirus pandemic has already depleted financial markets all over the world. As the outbreak continues to spread and the world records a lot more confirmed cases, these economic effects are also going to continue. Many companies are already recording heavy losses and many of the world’s wealthiest people have seen a large chunk of their wealth cut off. There is no specific treatment or vaccine currently approved to properly tackle the virus. So, stocks might stay down for a while. However, even in all of this turmoil, some stocks look good enough to be great choices and are quite poised
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Tolu Ajiboye considers the following as important: Business, coronavirus, gilead sciences, gilead sciences stock, jnj stock, johnson and johnson, moderna, moderna stock, News, quest diagnostics, quest diagnostics stock, regeneron pharmaceuticals, sanofi, sanofi stock, Stocks, Story of the Day, Wall Street
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A few stocks, including some of the ones below, are being classified as COVID-19 stocks because of their potential to rise even as the pandemic worsens.
Apart from the obvious health effects, the current coronavirus pandemic has already depleted financial markets all over the world. As the outbreak continues to spread and the world records a lot more confirmed cases, these economic effects are also going to continue. Many companies are already recording heavy losses and many of the world’s wealthiest people have seen a large chunk of their wealth cut off. There is no specific treatment or vaccine currently approved to properly tackle the virus. So, stocks might stay down for a while. However, even in all of this turmoil, some stocks look good enough to be great choices and are quite poised to rise. These stocks are currently on the journey to COVID-19 treatments and vaccines. Here are a few.
Johnson & Johnson (JNJ)
New Jersey-based Johnson & Johnson (NYSE: JNJ) is one of the foremost companies in the race to a COVID-19 vaccine. Back in January, JNJ began research into possible ingredients that have some antiviral effect, specifically against the disease. Through Janssen’s technologies, a JNJ subsidiary, the company is trying to speed up research and is set to begin clinical trials in September. It hopes that a vaccine will be ready early in 2021.
Currently, at $136.97 (+2% in the pre-market), JNJ has however lost over 8% in 2020 alone.
Gilead Sciences (GILD)
Gilead Sciences (NASDAQ: GILD) is another one of the COVID-19 stocks that seems to be a bit further ahead of other biotech companies. Years ago, the company’s Remdesivir drug proved effective in treating other coronaviruses like MERS and SARS. At the moment, Remdesivir is in clinical studies and the company has already given over 1,000 doses to help the fight against COVID-19. Many Washington patients are benefitting from Remdesivir
GILD is up over 20% this year alone. This number could increase if the U.S. Food and Drug Administration (FDA) eventually approves Remdesivir as treatment. Now it is also 2% up in the pre-market. GILD is trading at $79.80.
Quest Diagnostics (DGX)
While Quest Diagnostics (NYSE: DGX) isn’t treating or working on a vaccine, it has significantly contributed to testing. There is still a regrettable global paucity of COVID-19 test kits and governments are encouraging companies that can help, to do so. Quest Diagnostics has risen to this task and can test nearly 200,000 people weekly. It is also looking to increase this in the near future.
However, with a premarket $75 price (+2.26%), DGX has lost nearly 32% in 2020.
Moderna, Inc (MRNA)
Moderna Inc (NASDAQ: MRNA) has started the first phase of its study, for its COVID-19 vaccine, the mRNA-1273. In collaboration with the National Institutes of Health (NIH), Moderna is already planning to enter phase 2. When it announced the Phase 1 commencement on March 16, MRNA stock jumped 24.4% as investors seemed impressed. Moderna has also claimed a record, as the first company to try out its COVID-19 vaccine candidate in a human.
MRNA stock is now up more than 78% in 2020 and is set for a bigger jump depending on how its efforts play out. Now its price is $34 (-2% in the pre-market), however, it gained around 5% on Friday.
Sanofi (SNY)
Just last week, both Sanofi (EPA: SAN) and Regeneron Pharmaceuticals (NASDAQ: REGN) announced that they are currently treating a patient with their COVID-19 drug, Kevzara. The drug is an antibody that is designed to restrict a protein tied to lung inflammation. This should reduce the possibility of severe lung problems that are currently quite common in serious COVID-19 cases.
While its stock has lost over 10% in 2020, it could very easily reverse this loss if Kevzara proves effective. Today SAN is trading at 83.96 EUR (+3.20%).
Some of the above COVID-19 stocks aren’t currently booming. However, with all of their moves to combat the COVID-19 outbreak either with testing or vaccination, their fortunes could very easily change soon.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.